On Wednesday and on Thursday, we saw record up-days with the major indices. It’s not a surprise, given how oversold they were, on a short-term basis, but looking at 2019, we know that central banks want to keep tightening rates and shrinking their balance sheets.

Treasury Secretary Steven Mnuchin is apparently not big on being discrete. In the past few days, he decided to make sure the dippers have been changed for America’s largest bank CEOs, calling all six of them to make sure we don’t have another 2008 on our hands.